When you’ve officially “made it” with Bitcoin, they will tell you that you had it so easy. That you essentially became rich overnight without a care in the world. The truth is that they could never understand the struggles that Bitcoiners have had to deal with just to reach this point.
This market isn’t for everyone.
If you’ve survived long enough in this market to change your life financially forever, you are one of the lucky ones. However, there have been countless others that have entered the market with hopes and dreams of making it big, only to get chewed up and spit out of this market before even completing their first full cycle.
Investing in Bitcoin and crypto for the long term will be one of the most stressful experiences you will ever go through.
Let me stress that it is still very possible to enter Bitcoin today and still do fantastically. But you do need to have patience and hold on for the long term.
There is a famous philosophy amongst Bitcoiners about just how long it takes to become successful in this market.
During your first full cycle, you can make some gains. During your second cycle, you can change your life financially, and during your third cycle, you can become rich or wealthy.
The harsh reality is that most won’t make it that far.
These are just a few of the hurdles that Bitcoiners have had to deal with over the years. When Bitcoin was first released, there were real concerns that governments would consider it illegal to own and that people would go to prison. Seeing large countries such as China eventually ban mining and holding Bitcoin in the country. Going through bear cycles where you see the value of your portfolio drop by over 90%. With seemingly every analyst calling this asset worthless, or that the death blow had finally been dealt to this industry. Seeing your portfolio drop by multiple yearly salaries in a matter of a few hours is a feeling that no one can prepare you for. Then there were the countless scandals that broke out last cycle, such as the FTX fraud.
Those are all emotions to the downside; however, there are things to the upside that will upend you as well.
After you have been in the Bitcoin market for long enough, you will see the value of your portfolio grow to numbers that you could have never imagined possible for yourself. But, over the years, you will have become so addicted to just seeing them as merely numbers on the screen that you begin to become numb to them. Seeing your portfolio grow by 10s of thousands of dollars each day will simply become the norm. That will also be a dangerous time for many people.
That is when you will begin to lose touch with how lucky you are to be in your current position. There will be people all around you who are struggling to pay their bills and have nothing set aside for retirement. All the while, you will be standing in the corner set for life. For many, this will become a very lonely journey in their Bitcoin journey. That is why it is vital that you find people who are similar to you and also in this market.
Having those types of friends who you are able to talk to about this market. Sharing the joys of the upswings, but also sharing the emotional stress of the down days, is a super tool that could be the difference between you surviving in this market or having an early exit.
The key point is that you need to do whatever you can to survive this market for the long term. Over the course of Bitcoin’s history, if you’ve been able to actively hold and invest for multiple cycles, you’ve had a very high success rate.
Never get shaken out.
How about you? Have you ever let the stress of crypto get to you and sold early?
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As always, thank you for reading!
